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Acquisition | 12 Months Ended
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Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisition | Acquisition F.A.T.I. On October 2, 2024, we acquired Fabbrica Apparecchiature Termoelettriche Industriali – F.A.T.I. – S.r.l. ("F.A.T.I.") (the "F.A.T.I. Acquisition"). F.A.T.I., based in Italy, is a leading designer and manufacturer of electrical heaters and heating systems for a broad range of industrial end markets, including oil and gas, pharmaceutical, renewables, nuclear and HVAC. Since its founding nearly 80 years ago, F.A.T.I. has built a high-quality portfolio of technologically advanced and reliable solutions for the industrial electric heating market that are available in over 30 countries around the globe. In fiscal 2026, F.A.T.I. contributed $26,375 in Sales and $3,597 in Net income to our consolidated operating results. The initial purchase price was €12,500, or approximately $13,807, with cash acquired of $2,278, for a net closing purchase price of $11,529. In fiscal 2025, we adjusted the purchase price for excess cash acquired to €13,339, or approximately $14,733. The initial purchase price was funded with cash on hand, and includes F.A.T.I.'s manufacturing facility in Milan, which enhances our global production capabilities. We have integrated F.A.T.I. into our Europe, Middle East, and Africa ("EMEA") reportable segment. Purchase Price Allocation We have accounted for the F.A.T.I. Acquisition according to the business combinations guidance found in ASC 805, Business Combinations, henceforth referred to as acquisition accounting. We used Level 2 and 3 inputs to allocate the purchase price to the major categories of assets and liabilities shown below. For valuing the customer relationships intangible asset, we used a common income-based approach called the multi-period excess earnings method; for the trademarks and developed technology intangible assets, we used a relief-from-royalty method; and for the contract-based intangible asset, we used the with and without method. The carrying values of the assets and liabilities shown below approximated their respective fair values at the time of closing.
Purchase Price Allocation - F.A.T.I.
| Amortization Period (years) | Fair Value
Cash |  | $ | 2,278 |
Accounts receivable |  | 2,088 |
Inventories |  | 3,434 |
Other current assets |  | 1,113 |
Property, plant and equipment |  | 7,580 |
Intangibles: |  |
Customer relationships | 10 | 1,776 |
Trademarks | 5 | 502 |
Developed technology | 15 | 1,909 |
Goodwill(1) |  | 2,447 |
Total fair value of assets acquired |  | $ | 23,127 |
Current and non-current liabilities |  | (8,394) |
Total fair value of liabilities acquired |  | $ | (8,394) |
Total purchase price |  | $ | 14,733 |
(1) The goodwill related to the F.A.T.I. Acquisition is not deductible for tax purposes. Unaudited Pro Forma Financial Information The following unaudited pro forma results of operations assume that the acquisition mentioned above occurred at the beginning of the periods presented. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been if the acquisition had occurred at the beginning of the periods presented, nor are they indicative of future results of operations. The pro forma results presented below are adjusted for the removal of transaction related costs of zero, $253, and zero in the fiscal years ended March 31, 2026, 2025, and 2024, respectively.
in thousands, unaudited | Twelve Months Ended March 31, 2026 |  | Twelve Months Ended March 31, 2025 |  | Twelve Months Ended March 31, 2024
Sales | $ | 536,263 |  |  | $ | 504,223 |  |  | $ | 507,229 |
Net income | 44,571 |  |  | 53,461 |  |  | 51,986 |

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